This is the exact sequence Terry followed to get to 14 units, and the sequence every Property Labs student moves through in their first 90 days. Not the vague version. The one that's written down.
Every step sits on the one before it. Skip a step and the stack breaks.
Separates you from the business. Gives you tax advantages, a professional face, and access to JVs and investment. We register via Tide because it's cheaper than going direct to Companies House and it spins up a business bank account on day one.
Public Liability Insurance, Professional Indemnity (if you'll be deal-sourcing too), Property Ombudsman membership, and ICO registration for the Data Protection Act 2018. This is the compliance stack that makes you look like a real operator to landlords and investors.
This is the single most expensive thing people get wrong. An AST plus subletting is illegal. The landlord can legally evict you and keep your deposit and your furniture spend. Terry has seen people lose £13K this way. Always a Company Let. No exceptions.
Location is the only decision you can't reverse. You can swap furniture, pricing, staging, management — you can't move the building. London gives the best returns and the highest startup cost. Birmingham and Manchester are viable. Pick a patch, learn it, own it.
Terry prefers manual analysis over AirDNA or PMI. The rule is simple: a property is good if it breaks even at 50% occupancy, acceptable up to 60%, never above. Always model worst-case. Multiply the nightly rate by 0.815 to account for Airbnb's 18.5% commission.
Gumtree, Rightmove, OpenRent, Zoopla. This is a game of volume. The goal of a message is to get a call. The goal of a call is to get a viewing. The goal of a viewing is to close the deal. Never skip a step. Most people skip to the close and wonder why the landlord said no.
Lockbox or Key Nest for keyless entry. Wi-Fi ordered first because it takes the longest to land. Smoke and CO detectors, Ring camera, linen, iron, hairdryer, hangers, shampoo and conditioner. Budget furniture from Temu ordered two weeks ahead, plus Facebook Marketplace and markets for fill-ins.
Airbnb, Booking.com, VRBO, TripAdvisor. Manage the chaos with a channel manager (we use Uplisting). Price dynamically with PriceLabs. Automate cleaners with Turno. The first live booking is the moment the rest of the business turns on.
If the deal only works at 70% plus, it's not a deal. Always model worst-case. The good months pay for the bad ones, not the other way round.
ASTs with subletting are illegal. This is non-negotiable. One bad contract is a £13K hole before you've taken a booking.
30 to 50 landlord calls a day. Most people do five and quit. The system is built on the assumption that you do the reps. Inputs compound.
The strategy call is where we map the eight steps to your current situation, your location, and your capital position. 40 minutes, no pitch-deck, one clear next step.